Plans include millions of dollars in renovations, restaurant, outdoor dining
WESLEY CHAPEL, Fla. (August 31, 2020) – The community of Holiday and neighboring New Port Richey is about to get a boost of life. Mishorim Gold Properties announced today that it has acquired Holiday Mall for more than $8.56 million.
Developer Mark Gold plans to invest $4.6 – $6 million into renovating the complex to turn the stale retail center into a dynamic shopping and dining destination. Bright lighting will add to the safety and security of the plaza.
“This is going to be the next up-and-coming community,” Gold said. “There is so much energy and excitement in the area right now for what is to come. I am excited to help the neighborhood and the surrounding areas soar again. This new mall is going to be a game changer. It will become a destination that makes residents proud to show off.”
Holiday Mall becomes the 22nd property purchased by the partnership and the second property in 11 months. Last year, MGold purchased the Grove at Wesley Chapel for $62.7 million and has since signed on 73 new tenants.
MGold has been lauded for its ability to turn stagnant shopping plazas into trendy and popular spaces that reinvent the way residents live, work, and play. The focus is on service, entertainment, food, and retail.
The Holiday Mall, located at the southeast corner of U.S. Highway 19 North and Moog Road, is anchored by Winn Dixie. The 130,177 square-foot center features 18 tenants and seven available units. Gold purchased the property with a 40 percent vacancy rate and has already filled two of the spaces.
Gold chose Holiday because of its growth, potential, and visibility. More than 140,000 residents live within a 5-mile radius of the shopping complex, with its population projected to jump 5 percent by 2023. The average income within that radius is close to $61,000 a year.
Additionally, Pasco County is investing its own money into the area along the U.S. 19 corridor, which at one time was the economic driver in Pasco County. Also known as Gulf Coast Highway, more than 71,000 cars pass by the Holiday Mall a day. While drivership has remained high, development lagged behind, said Pasco County Commission Kathryn Starkey, whose district encompasses the Holiday Mall.
MGold’s investment provides a welcome and much-needed boost, she said, which augments what has already been committed for the area:
· Pasco County has packages of incentives to help developers who are interested in joining the revitalization efforts. The resulting quality of life and a supportive environment for business and industry has helped Pasco County become one of the top 40 fastest growing counties in the United States, according to the Pasco Economic Development Council.
· The county plans to spend a couple million dollars renovating a workforce innovation training center near the Holiday Mall.
· Up the street, Rasmussen College demolished an old commercial center and has plans to open with a capacity to educate and train 25,000 students.
· Just south of the Holiday Mall, a new storage facility is going in.
· The county is in the midst of a $3-million landscaping project with the Department of Transportation along the U.S. 19 median, with more to come and
· A ribbon-cutting is planned for the Anclote Coastal Trail, which will connect Holiday with downtown Tarpon Springs.
“The redevelopment of the Holiday Mall will be well-received by the residents of West Pasco,” Starkey said. “We value his investment and can’t wait to see the wonderful changes coming to that area.”
Gold is no stranger to blazing a trail. MGold is spending $110 million to turn the Grove into the community’s “downtown,” complete with a container park, a Movie Theater and Entertainment Complex and a water park. The container park, a new concept of container buildings, features affordable spaces for businesses. It is set to open in the Fall with 50 restaurants and retail shops and feature live entertainment. The movie theater, which will showcase a cycling room and children’s play area, is scheduled to open soon.
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About MGold Properties
Mishorim Gold Properties, based in Wesley Chapel, Florida, serves as the landlord of millions of square feet of real estate in North America. The firm has recorded tremendous success in the real estate industry and is known for bringing old shopping centers back to life, revitalizing neighborhoods, and transforming communities. For more information, visit https://mgoldproperties.com/